BBA hands £350m custody to ABN Amro Mellon
UK – ABN Amro Mellon has won the mandate to provide global custody services to the £350m (€565m) pension fund of the BBA Group, the industrial group that services the aviation and industrial markets.
The mandate for core custody services comes into effect from early December, with ABN Amro Mellon looking to extend the service to include securities lending, foreign exchange and cash management later on.
Says Nadine Chakar, managing director of ABN Amro Mellon: “We have had a sparkling 2001, with mandates covering over €64bn of assets won so far this year. BBA is a welcome addition to our client list.”
David Cross, pensions manager of BBA Group Trustees Ltd adds: “I was seeking a custodian that could centralise the current multi-provider arrangements we had in place.”